Ardent Health Q4 adj EBITDA down 26.6% to $134M; 2026 guidance issued

Ardent Health, Inc.

Q4 total revenue $1.605B (flat YoY); net income $45M vs $114M prior year.
Q4 adjusted EBITDA $134M (down 26.6% YoY) due to annualization of prior-year benefits.
Full-year 2025 revenue $6.32B (+6%); adjusted EBITDA $545M (+9.3%); margin +20bps to 8.6%.
2026 guidance: revenue $6.4B-$6.7B, adjusted EBITDA $485M-$535M, reflecting headwinds.
Net leverage improved to 0.8x; operating cash flow $471M (+49% YoY); share buyback $3M in Q4.

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